Trade Idea Wrap-up: EUR/USD – Sell at 1.1185

EUR/USD – 1.1143

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.1149

Kijun-Sen level                  : 1.1159

Ichimoku cloud top             : 1.1191

Ichimoku cloud bottom      : 1.1173

Original strategy  :

Sell at 1.1185, Target: 1.1085, Stop: 1.1220

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1185, Target: 1.1085, Stop: 1.1220

Position : –

Target :  –

Stop : –

The single currency met resistance at 1.1213 and retreated quite sharply from there, suggesting the rebound from 1.1132 has ended there and retest of said support would be seen, however, break there is needed to confirm recent decline has resumed and extend weakness to previous support at 1.1109, a drop below this level would encourage for subsequent fall to 1.1075-80 which is likely to hold on first testing.

In view of this, we are looking to sell euro on recovery as 1.1185-90 should limit upside. Only above 1.1213-14 (said resistance and 50% Fibonacci retracement of 1.1296-1.1132)  would defer and risk a stronger rebound to 1.1230-35 (61.8% Fibonacci retracement) but upside should be limited to 1.1260-70, bring another decline later.